Dogecoin Whales Accumulate 60 Million DOGE, Fueling Bullish Sentiment

Despite a recent price reversal, Dogecoin (DOGE) whales are on a buying spree, accumulating over 60 million DOGE in the past 24 hours. Crypto analyst Ali Martinez highlighted this on social media platform X, using Santiment data to show this surge in whale activity. This significant accumulation by large holders has fueled optimism among DOGE investors, indicating continued bullish momentum.

Price Reversal and Whale Analysis

Earlier this week, Dogecoin experienced a price surge, peaking at $0.1269, but has since reversed, shedding about 6%. Despite this decline, buying activity persists, particularly among DOGE whales. According to Santiment’s data shared by Martinez, addresses holding between 1 million and 10 million DOGE have collectively increased their holdings to 10.5 billion DOGE tokens, the highest level this year. Additionally, addresses holding between 10 million and 100 million DOGE purchased around 160 million DOGE in the past 48 hours, showcasing a prevailing bullish sentiment among large holders.

Impact on DOGE Sentiment

Whale activity can significantly impact the price of cryptocurrencies both in the short and long term. The ongoing accumulation of DOGE by whales suggests a strong bullish sentiment, potentially leading to a larger uptrend. Currently, Dogecoin is trading at $0.1192, down 2% in the past 24 hours. This indicates that the buying pressure from whales has yet to be fully reflected in the price. However, continued accumulation could see DOGE outperforming the market in the near term.

Technical Outlook

With new investments and significant whale purchases, Dogecoin’s short-term outlook appears positive. DOGE is trading around a major order block at $0.117 and could either bounce upwards or break below this level. A bounce could see DOGE challenging the next resistance at $0.1266, a level it has struggled to break in the past 30 days. As large holders continue to show confidence in Dogecoin, the cryptocurrency might experience a renewed bullish trend, driven by sustained whale accumulation.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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